AI Market Size Statistics (2023)
Artificial intelligence (AI) is far from new. But the emergence of AI chatbots like ChatGPT and Bard has thrust AI into the limelight.
As such, the AI market is booming and continues to grow year-over-year.
Below, we’ll focus on the growing AI market, taking a look at projected valuation and regional differences, among other aspects.
Contents
- AI Market Statistics (Top Picks)
- AI Market Size
- AI Market Growth Projections
- AI Market Growth Over Time
- Growth Drivers in the AI Space
- Key Players in the AI Space
- AI Market Geographic Breakdown
- AI Growth By Segment
AI Industry Statistics (Top Picks)
- The global AI market is worth over $200 billion
- The AI market is set to hit $1.85 trillion by 2030
- The North American AI market is worth over $30 billion
- AI healthcare is set to grow 17x over the course of this decade
- 88% of financial service companies increased revenue thanks to AI adoption
AI Market Size
According to the latest available data, the global AI market is worth approximately $207.9 billion in 2023.
That figure is up almost 50% from 2022’s $142.32 billion. And has more than doubled since 2021 ($95.6 billion).
Source: NextMSC
AI Market Growth Projections
By 2030, the AI market is predicted to reach $1.85 trillion.
That’s around 9x more than 2023’s figure of $207.9 billion.
Source: PrecedenceResearch
AI Market Growth Over Time
Between 2022 and 2030, the global AI market is expected to grow at a CAGR of 32.9%.
Here’s a detailed look at the AI market’s valuation from 2021 to 2030:
|
Year |
Market Size |
Change Over Previous Year |
|
2021 |
$95.6 billion |
- |
|
2022 |
$142.32 billion |
48.87% |
|
2023 |
$207.9 billion |
46.08% |
|
2024 |
$298.25 billion |
43.46% |
|
2025 |
$420.47 billion |
40.98% |
|
2026 |
$582.95 billion |
38.64% |
|
2027 |
$795.38 billion |
36.44% |
|
2028 |
$1.07 trillion |
35.43% |
|
2029 |
$1.42 trillion |
32.71% |
|
2030 |
$1.85 trillion |
30.28% |
Source: NextMSC
Growth Drivers in the AI Space
Continuous investment in AI has fueled rapid technological advancements in recent years. AI has penetrated many industries including:
- Healthcare
- Automotive
- Financial Services
- Retail and Consumer
- Communications
- Entertainment
- Manufacturing
- Energy
- Transport and Logistics
AI’s versatility is perhaps its biggest pro. From behind-the-scenes algorithms to end-user integration, AI is fast becoming a staple across virtually every industry.
Source: PrecedenceResearch
Key Players in the AI Space
- Intel Corporation (US)
- Microsoft (US)
- IBM (US)
- Google (US)
- Amazon Web Services (US)
- Baidu (China)
- NVIDIA Corporation (US)
- H2O.ai (US)
- Lifegraph (Israel)
- Sensely (US)
- Enlitic (US)
- AiCure (US)
- HyperVerge (US)
- Arm Limited (UK)
- Clarifai (US)
- Advanced Micro Devices (US)
- Atomwise (US)
- Enlitic (US)
- Iris.ai (Norway)
- Zebra Medical Vision (Israel)
- OpenAI (US)
- Midjourney (US)
Sources: Precedence Research, Grand View Research
AI Market Geographic Breakdown
As of 2023, the North American AI market is valued at $30.9 billion.
Asia-Pacific is the next-largest AI market with a valuation of $19.59 billion, followed by Europe with $15.94 billion.
By 2025, these markets are expected by around 60% with North America surpassing the $50 billion mark.
Here’s a breakdown of the regional AI market growth between 2018 and 2025:
|
Year |
North America |
Asia-Pacific |
Europe |
Latin America |
Middle East and Africa |
|
2018 |
4.11 billion |
2.72 billion |
2.09 billion |
0.35 billion |
0.24 billion |
|
2019* |
6.36 billion |
4.15 billion |
3.27 billion |
0.55 billion |
0.37 billion |
|
2020* |
9.8 billion |
6.31 billion |
5.05 billion |
0.86 billion |
0.56 billion |
|
2021* |
15.08 billion |
9.73 billion |
7.84 billion |
1.34 billion |
0.87 billion |
|
2022* |
22.23 billion |
14.25 billion |
11.52 billion |
1.96 billion |
1.31 billion |
|
2023* |
30.9 billion |
19.59 billion |
15.94 billion |
2.73 billion |
1.78 billion |
|
2024* |
41.06 billion |
26.15 billion |
21.17 billion |
3.64 billion |
2.39 billion |
|
2025* |
51.58 billion |
32.89 billion |
26.54 billion |
4.57 billion |
3.03 billion |
Source: Tractica
AI Growth By Segment
Here’s how AI is growing across various key industries:
Healthcare
In 2021 the AI healthcare market was worth an estimated $11.06 billion.
By 2023, this figure stands at almost double that ($20.65 billion).
And in the space of a decade, AI healthcare is predicted to reach a valuation of over $185 billion - around 17x 2021’s figure.
|
Year |
Market Size |
|
2021 |
$11.06 billion |
|
2022* |
$15.1 billion |
|
2023* |
$20.65 billion |
|
2024* |
$28.24 billion |
|
2025* |
$38.66 billion |
|
2026* |
$52.97 billion |
|
2027* |
$72.62 billion |
|
2028* |
$99.63 billion |
|
2029* |
$136.66 billion |
|
2030* |
$187.95 billion |
Chips
The AI chips market has doubled in value since 2021 ($10.8 billion), reaching $21.9 billion in 2023.
By 2028, it is predicted to have skyrocketed to $127.8 billion - around 6x growth in five years.
|
Year |
Market Size |
|
2021 |
$10.8 billion |
|
2022* |
$15.8 billion |
|
2023* |
$21.9 billion |
|
2024* |
$31.1 billion |
|
2025* |
$44.3 billion |
|
2026* |
$63.1 billion |
|
2027* |
$89.8 billion |
|
2028* |
$127.8 billion |
Finance
In the finance industry, AI has already contributed to significant revenue increases.
More than one-third (34%) of finance institutions reported revenue increases of over 20%.
While 51% of finance companies have increased revenue by at least 10% thanks to AI.
In total, 88% of finance firms saw revenue increases since the incorporation of AI:
|
Revenue Increase |
Percentage of Applicable Financial Service Institutions |
|
More than 20% |
34% |
|
Between 10% and 20% |
17% |
|
Between 5% and 10% |
20% |
|
Less than 5% |
16% |
|
No impact |
12% |
Sources: Precedence Research, Stratview Research, Nvidia
Conclusion
AI is currently transforming virtually every industry imaginable.
Consequently, its projected industry value is set to take off over the coming years.
For more related content, take a look at 7 Top AI Trends and 57+ Amazing Artificial Intelligence Statistics.
